The Central Bank of Nigeria says it has accepted the Vice President Yemi Osinbajo’s advice on the regulation of digital currencies.
The CBN said this on its official twitter page on Saturday.
The CBN had directed commercial banks to restrict cryptocurrencies related transactions.
But the Vice President in a remark he virtually presented at a one-day economic summit organised by the Central Bank of Nigeria, the Banker’s Committee, and the Vanguard newspaper, on Friday advised the apex bank and Securities and Exchange Commission (SEC) to rather come up with robust regulation for digital currency, instead of outright banning.
The CBN tweets read: “#Osinbajo advises #CBN to put in place a thoughtful and knowledge based regulation, cautioned on the need to ensure that we are in a position to prevent any of the adverse side effects or even possible criminal acts that may arise as a consequence of adopting blockchain technology”.
“The banking sector plays a crucial role in promoting increased & inclusive growth in Nigeria, VP #Osinbajo commended #CBN for the forward looking support for growth related initiatives, especially under the economic sustainability plan”.
“The VP #Osinbajo also commended the DMBs for their patriotic contributions to sustain growth but called for the need to further deepen the provision of capital that would allow businesses to grow over the long term.”
